Today, financial institutions are using web-based online banking (or a browser via https) for their customer. Use of the web in this way has led to tremendous fraud and cybercriminals penetrating banks internal systems via web access.

J.P. Morgan Chase’s loss of 70 million consumer bank account information and 7 million business account information as reported in August, 2014 was a massive heist 

Most web-online bank customers are not aware of the danger to their data and banking activity conducted on the web. But most people who use online banking are aware of warning messages from the bank about increased criminal activity and provide tips to help minimize the exposure. Most online bank customers are used to their connection being terminated after four minutes of inactivity or 20 minutes in a complete online session. The reason banks do this is because the web and an https connection are not safe, even if tokens are used.

With ICN Banking, banks and customers can have an internet connection without concern of web-based cybercriminals breaching a web-based banking session. Browsers and web cyber thieves cannot see it, or get to it. This means much longer opportunities to work over PrivateLine BANKING whether for business or consumer. 

On top of this benefit, documents can be exchanged signed with strong X.509v3 digital certificates which can’t be denied. Banks and bank customers both win by deploying smartly with PrivateLine for banking.